Novavax Inc (NVAX)

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PHASE III EFFICACY TRIALS: Scientists give the vaccine to thousands of people and wait to see how many become infected, compared with volunteers who received a placebo. These trials can determine if the vaccine protects against the coronavirus. In June, the F.D.A. said that a coronavirus vaccine would have to protect at least 50% of vaccinated people to be considered effective.

APPROVAL: Regulators in each country review the trial results and decide whether to approve the vaccine or not.

During a pandemic, a vaccine may receive emergency use authorization before getting formal approval.